YASH PAKKA 2020-21 Annual Report Analysis

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YASH PAKKA 2020-21 Annual Report Analysis
Tue, 2 Nov

YASH PAKKA has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

YASH PAKKA Income Statement Analysis

  • Operating income during the year fell 27.2% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 39.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.5% in FY21 as against 21.1% in FY20.
  • Depreciation charges decreased by 1.0% and finance costs decreased by 13.2% YoY, respectively.
  • Other income grew by 29.9% YoY.
  • Net profit for the year declined by 39.5% YoY.
  • Net profit margins during the year declined from 10.6% in FY20 to 8.6% in FY21.

YASH PAKKA Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 2,524 1,837 -27.2%
Other income Rs m 87 113 29.9%
Total Revenues Rs m 2,611 1,950 -25.3%
Gross profit Rs m 532 322 -39.5%
Depreciation Rs m 98 97 -1.0%
Interest Rs m 126 109 -13.2%
Profit before tax Rs m 395 229 -42.0%
Tax Rs m 119 62 -47.9%
Profit after tax Rs m 276 167 -39.5%
Gross profit margin % 21.1 17.5
Effective tax rate % 30.1 27.1
Net profit margin % 10.6 8.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ALERT: Top Investment Recommendation for 2022

YASH PAKKA Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 743 million as compared to Rs 725 million in FY20, thereby witnessing an increase of 2.4%.
  • Long-term debt down at Rs 369 million as compared to Rs 427 million during FY20, a fall of 13.6%.
  • Current assets rose 1% and stood at Rs 851 million, while fixed assets rose 2% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 3 billion as against Rs 3 billion during FY20, thereby witnessing a growth of 2%.

YASH PAKKA Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 1,166 1,301 11.5
 
Current Liabilities Rs m 725 743 2.4
Long-term Debt Rs m 427 369 -13.6
Total Liabilities Rs m 2,580 2,624 1.7
 
Current assets Rs m 840 851 1.3
Fixed Assets Rs m 1,732 1,768 2.1
Total Assets Rs m 2,580 2,624 1.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



YASH PAKKA Cash Flow Statement Analysis

  • YASH PAKKA's cash flow from operating activities (CFO) during FY21 stood at Rs 274 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -116 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -159 million, an improvement of 59% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -1 million from the Rs 2 million net cash flows seen during FY20.

YASH PAKKA Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 551 274 -50.2%
Cash Flow from Investing Activities Rs m -161 -116 -
Cash Flow from Financing Activities Rs m -388 -159 -
Net Cash Flow Rs m 2 -1 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for YASH PAKKA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.7, an decline from the EPS of Rs 7.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 82.0, stands at 11.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 1.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 71.6 52.1
TTM Earnings per share Rs 7.8 4.7
Diluted earnings per share Rs 7.8 4.7
Price to Cash Flow x 7.7 11.0
TTM P/E ratio x 11.1 11.1
Price / Book Value ratio x 1.2 1.8
Market Cap Rs m 2,890 2,890
Dividends per share (Unadj.) Rs 1.0 1.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for YASH PAKKA

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.1x during FY21, from 1.2x during FY20. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 3.1x during FY21, from 4.1x during FY20. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 12.9% during FY21, from 23.7% during FY21. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 20.3% during FY21, from 32.7% during FY20. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 10.5% during FY21, from 15.6% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 1.2 1.1
Debtors’ Days Days 257 306
Interest coverage x 4.1 3.1
Debt to equity ratio x 0.4 0.3
Return on assets % 15.6 10.5
Return on equity % 23.7 12.9
Return on capital employed % 32.7 20.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how YASH PAKKA has performed over the last 5 years, please visit here.

YASH PAKKA Share Price Performance

Over the last one year, YASH PAKKA share price has moved up from Rs 57.6 to Rs 82.0, registering a gain of Rs 24.5 or around 42.5%.

Overall, the S&P BSE SENSEX is up 51.1% over the year.

(To know more, check out historical annual results for YASH PAKKA and quarterly results for YASH PAKKA)

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